Apollo Minerals reinstates Couflens permit as tungsten-gold potential comes back into focus

Apollo Minerals Ltd (ASX:AON, FRA:4AP) has released its quarterly report for the period ending December 31 2025, outlining exploration and corporate developments across its portfolio, led by the reinstatement of the Couflens Project in France.

The quarter marked a key regulatory milestone for Couflens, which hosts the historical Salau tungsten mine, alongside ongoing work at the Salanie gold and Kroussou zinc-lead projects in Gabon.

Couflens Project – France

Apollo confirmed it has received formal notification from the Directorate General for Energy and Climate of the French Ministry that the Couflens exploration permit has been reinstated for a five-year term.

Target regions within the Salau, displaying material rock chip and drilling samples with tungsten and gold.

The Couflens licence covers 42km² and includes the Salau mine, which operated between 1971 and 1986 and was one of the world’s highest-grade tungsten operations during that period. Historical records indicate Salau produced approximately 930,000t at an average grade of 1.5% WO₃, generating around 13,950t of WO₃ concentrate, with production grades reaching up to 2.5% WO₃ in later years.

In addition to tungsten, historical data points to significant gold mineralisation associated with the system. Reported results include gold grades of up to 8.9 grams per tonne (g/t Au) in tailings samples, 8.5 metres at 3.4g/t Au and 2% WO₃ from partially sampled historical core, and 8 metres at 9.5g/t Au and 2.4% WO₃ from channel sampling at depth.

Surface rock chip sampling has also confirmed widespread high-grade tungsten mineralisation, with values of up to 8.25% WO₃ recorded. Apollo noted that the deposit remains open at depth, with historical drilling below the base of existing underground development confirming continuity of the mineralised system.

The company also highlighted regional exploration upside, with potential for shear-hosted gold mineralisation along a 5-kilometre structural corridor west of Salau. Gold has been confirmed historically at depths of up to 600 metres, suggesting potential scale beyond the mine area.

Apollo is currently reassessing historical datasets, refining exploration programs and developing a strategy for Couflens. Management intends to meet with relevant French stakeholders in the coming week.

Gabon projects

At the Salanie Gold Project, Apollo said results to date indicate the 12-kilometre-long Salanie greenstone system remains prospective for gold mineralisation, particularly associated with quartz veining. Several targets remain untested.

Meanwhile, at the Kroussou Zinc-Lead Project, an initial Exploration Target has been defined across six of 23 identified prospects. The company said the results highlight potential for a large-scale base metal system, with zinc and lead mineralisation occurring at shallow depths averaging around 15m, supporting potential open-pit extraction scenarios.

Corporate

Subsequent to quarter end, Apollo secured investor commitments to subscribe for approximately 213 million new fully paid ordinary shares, raising gross proceeds of A$5.75 million before costs. Directors and officers have also committed to subscribe for a further 29.3 million shares to raise around A$0.8 million, subject to shareholder approval.